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Financial Planning / Tax Strategies
|Subject: Lack of AMT patch by early Jan||Date: 12/29/2012 11:06 AM|
|Author: DeltaOne81||Number: 117231 of 121163|
According to my calculations:
1) if there's no AMT patch I will owe a few thousand dollars in AMT - mostly because I live in a high tax state (NJ). Mortgage interest for a primary resident and charitable count as deductions for AMT, but state income and local property taxes don't, right?
2) in this case I will not quality for any safe harbor for penalties. Primarily bc last year we paid a chunk of extra capital gains taxes, so I could not/did not choose to withhold enough to meet the "100% of prior years taxes" safe harbor.
So my question is... If no AMT patch is decided by Jan 14 or so, should I mail in an estimated payment to cover the AMT extra in order to avoid penalties? Or is there some exclusion for penalties with regards to AMT (seems unlikely - unless maybe there's word of a special thing for this year)?
Of important note - in the event an AMT patch was passed after I mailed it in, while annoying, it would not be a hardship to do without the few thousand for a couple months.
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